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Markets And Prices Quiz 2 (25 MCQs)

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1. If you have a temporary shock to supply, then you would logically see _____
2. When the quantity that consumers are willing and able to buy equals the quantity that producers are willing and able to sell, that market reaches
3. All of the following reduce demand EXCEPT
4. Which of the following factors would shift demand for a product?
5. A price ceiling typically creates _____
6. What causes prices to move to reach equilibrium in competitive markets?
7. Customers frequently search online to find the most competitive price for goods and services. Which of the following influences on pricing strategies is most likely to have led to this development?
8. Which of the following is NOT a problem with rationing?
9. What is a black market?
10. What happens to a market in equilibrium when supply increases?
11. What is the name of the smallest amount that can legally be paid to most workers?
12. If you produce durian chips and dried banana decreases in price, then the price of your durian chips would likely _____
13. Adam Smith describes the benefits to all through our selfish or self-interested actions. He calls it _____
14. In the early stages of the 'growth' phase of the product life cycle, prices are what?
15. An established maximum price that sellers may charge for a good or service is known as what?
16. An economy in which average incomes have fallen by 5% has also seen the demand for holidays overseas fall by 20%. It can be concluded from this that the income elasticity of demand for holidays overseas is
17. Which is NOT a characteristic of the price system?
18. Suppliers often reduce prices because they
19. Which of the following is NOT true about a market supply and demand curve?
20. What is meant by the term disequilibrium?
21. All other things being equal, supply curves slope upwards from left to right because
22. At which stage in the product life cycle might a business reduce the selling price of a product to clear stock that is no longer in demand?
23. The financial and opportunity costs consumers pay when searching for a good or service
24. The definition of laissez-faire literally means _____
25. Due to rising car traffic, demand for bicycles has increased. The new equilibrium will show:
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